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Article: Mortgage program aiding only 9%
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- August 5, 2009
- Author:
CopyrightCopyright 2009 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON -- The government's $50 billion program to ease the
mortgage crisis is helping only a tiny fraction of struggling
homeowners, and a list released Tuesday showed which lenders are
laggards.
As of July, only 9 percent of eligible borrowers had seen their
mortgage payments reduced with modified loans. And the first monthly
progress report showed that 10 lenders had not changed a single
mortgage.
The report indicated that lenders such as Bank of America Corp.
and Wells Fargo and Co. have lagged behind government expectations.
Both banks received billions in federal bailout money.
BofA modified just 4 percent of eligible loans, and Wells Fargo 6
percent. Wachovia Corp., which was taken ...
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